Tractor and machinery sales at AGCO see an 11% boost
AGCO, which encompasses brands such as Massey Ferguson, Fendt and Valtra, reported net sales of $2.2 billion for the third quarter of this year (2018).
That’s an increase of approximately 11.5% compared to the third quarter of 2017.
Reported net income was $0.89 per share for the third quarter of 2018, and adjusted net income, excluding restructuring expenses, was $0.91 per share.
Excluding unfavourable currency translation impacts of approximately 5.9%, net sales in the third quarter of this year increased by over 17%, compared to the third quarter of 2017.
Looking at the year-to-date, net sales for the first nine months of this year amounted to $6.8 billion – an increase of 17% compared to the same period of 2017.
In other AGCO news, the entity appointed Eric Hansotia, senior vice president of Global Crop Cycle and Fuse Connected Services, as the new COO (Chief Operating Officer) – a new position within AGCO.
Effective on January 1, 2019, Hansotia (pictured below) will assume responsibility for all of the corporation’s regional commercial operations as well as its global product management, engineering, manufacturing and supply chain functions.
He will continue to report to Martin Richenhagen – chairman, president and CEO of AGCO.
Prior to joining AGCO in 2013, Hansotia had a 20-year tenure with Deere & Company where he held a number of leadership roles, including senior vice president of Global Harvesting and vice president of Global Crop Care.